Apogee Enterprises
APOG on Nasdaq. Apogee Enterprises sells glass, window and wall systems and coated materials to builders. Market value $744m.
Price checks use the past 12 months to May 2026. Quality checks use five annual reports, the latest for the year to February 2026.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $16.56 of spare cash in the past 12 months. A savings account pays about $4.
You pay 9.9 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 13 cents a year. Above 10 is good.
Quality score: 79 of 100. Price score: 100 of 100. Our list needs 70 on quality and 60 on price.
$35.66 a share, 16% above its 1-year low
Over the past year the price has ranged from $30.75 to $50.88.
Dividend: 3.0% a year
Paid every year for at least 5 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.3bn | $1.4bn | $1.4bn | $1.4bn | $1.4bn |
| Operating margin | |||||
| Operating margin | 1.7% | 8.7% | 9.4% | 8.7% | 6.0% |
| Debt to equity | |||||
| Debt to equity | 0.42 | 0.43 | 0.13 | 0.58 | 0.45 |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.02bn | 0.02bn | 0.02bn | 0.02bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)8 of 9
- Profit backed by cash (accruals)Yes
- Debt0.45× equity
- Revenue growth, five yearsSlow, 2.7% a year
- Buying back its own sharesYes, 6% fewer since 2022
The quarter to May 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $343 million last quarter, down 1% on a year ago.
- Profit: $12 million, after a loss of $3 million a year ago.
- It keeps 7 cents of each $1 of sales as operating profit, up from 6 cents a year earlier.
- Spare cash over the past 12 months: $123 million, up from $64 million.
- About the same number of shares as a year ago.
- Debt is $211 million more than cash, down from $278 million a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| August 2024 | $342m |
| November 2024 | $341m |
| February 2025 | $346m |
| May 2025 | $347m |
| August 2025 | $358m |
| November 2025 | $349m |
| February 2026 | $351m |
| May 2026 | $343m |
| Quarter to | Amount |
|---|---|
| August 2024 | $31m |
| November 2024 | $21m |
| February 2025 | $2m |
| May 2025 | -$3m |
| August 2025 | $24m |
| November 2025 | $17m |
| February 2026 | $17m |
| May 2026 | $12m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 April 2026
- Next quarterly (estimated, 10-Q)
- 29 September 2026
Who owns it
8 long-term investors we follow own it, up from 6 last quarter. 238 funds in all.
- Bruce & Co.R. Jeffrey Bruce
- Value
- $2m
- Share of fund
- 0.6%
- Barrow HanleyBarrow Hanley team
- Value
- $3,979
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $22m | <0.1% | Added |
| Royce & AssociatesChuck Royce | $12m | 0.1% | Added |
| Hotchkis & WileyHotchkis & Wiley team | $9m | <0.1% | Added |
| Bruce & Co.R. Jeffrey Bruce | $2m | 0.6% | |
| GAMCO InvestorsMario Gabelli | $655,546 | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $258,843 | <0.1% | New |
| GMOJeremy Grantham | $202,308 | <0.1% | New |
| Barrow HanleyBarrow Hanley team | $3,979 | <0.1% |
Largest holders overall
- BlackRock$156mAdded
- Vanguard Portfolio Management$53mCut
- Dimensional Fund Advisors LP$53mAdded
- American Century Companies$47mAdded
- Vanguard Capital Management$42mCut
- State Street$39mAdded
- Ameriprise Financial$34mAdded
- TWO Sigma Investments, LP$28mAdded
- Geode Capital Management$26mAdded
- LSV Asset Management$22mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- BlackRock, Inc.Passive investor15.1%−1.2 ptsSince 31 March 2026
- Vanguard Portfolio ManagementPassive investor5.7%−1.6 ptsSince 30 June 2026
- Dimensional Fund Advisors LPPassive investor5.5%+0.7 ptsSince 30 June 2026
- Victory Capital Management, Inc.Passive investor5.3%Since 31 December 2024
- Vanguard Capital ManagementPassive investor5.1%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 15.1%−1.2 pts | 31 March 2026 | |
Vanguard Portfolio Management Passive investor | 5.7%−1.6 pts | 30 June 2026 | |
Dimensional Fund Advisors LP Passive investor | 5.5%+0.7 pts | 30 June 2026 | |
Victory Capital Management, Inc. Passive investor | 5.3% | 31 December 2024 | |
Vanguard Capital Management Passive investor | 5.1% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Apr 2026, plus the 10-Q filed 30 Jun 2026 and 10 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
What changed in the risks this year
Companies must list what could hurt them each year. These are the parts that changed since last year’s report.
Information technology failures and cybersecurity threats could adversely affect our operations and/or our reputation
Could happenA significant cybersecurity incident could lead to the compromise or loss of confidential business information, intellectual property, or personal data, disruption of manufacturing or financial operations, misstatement or unavailability of financial data, reputational harm, regulatory investigations, litigation, and the imposition of fines or penalties under applicable data privacy and security laws. We are subject to numerous cybersecurity, data protection, and privacy requirements imposed by law, regulation, and contract, and changes in these requirements—including regulations governing artificial intelligence and machine learning—could increase our compliance costs or otherwise adversely affect our business.
Read more
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.